I may have to do this to mine.
I already shaved down the cup for the balljoint in his forearms to allow them to line up more straight instead of at that weird angle and it looks pretty good.
The legs could definitely use some love to look more like the show so I think I'll give your mod a shot.edit:
I did it. I figured out that to get the wheels into that position, I didn't actually have to remove the blue tab on the legs. I was able to simply turn the panel with the wheel around all the way as long as I removed some of the black plastic on the underside of the front black piece beneath/behind the grill and then rotate the wheel/fender while the leg is only partially transformed.
It worked and it looks great